MF Global UK - Special Administrators’ proposals and initial meeting of creditors and clients 

It is likely that the meeting of clients and creditors on 9 January 2012 will be well attended and we recommend that attendees arrive at the venue in plenty of time to complete the registration process and take their seats. Registration will commence at 9.30am. Due to the restrictions at the Barbican Centre, each creditor and client should limit the number of attendees at the meeting to a maximum of three people. 

We would suggest that attendees enter the Barbican Centre from its main Silk Street entrance. Stewards will be in attendance to direct attendees to the registration desks. Details of how to get to the Barbican Centre and links to additional information on the venue can be found here:
 
Information for disabled visitors to the Barbican Centre can be found here:
 
The meeting format will consist of the Special Administrators presenting their proposals and updating clients and creditors on progress in the special administration. There will then be an opportunity for clients and creditors to ask questions in respect of the proposals and the conduct of the special administration. Clients and creditors who have not already voted will then be asked to vote on the Special administrators’ proposals and the establishment of a creditors committee (likely to comprise three representatives appointed by the "clients" and two representatives appointed by the "creditors").
 
The Special Administrators will endeavour to be in a position to announce the outcome of the votes at the end of the meeting although, depending on the number of attendees, it may be necessary to announce the result after the meeting. The result of the votes will be made available on this website.
 
You are reminded that if you would like to vote at the meeting, whether in person or by proxy, you must provide details of your claim to the Special Administrators by 12 noon on 6 January 2012. Please note that the term "client" refers to a claimant who thinks he/she has an interest in in the segregated client money pool under the FSA's client money regulations (CASS 7) or a claimant with a proprietary interest in a client asset or assets. A "creditor" may well have been a client of the firm in the ordinary sense of the word, but if he does not have a client money or client asset claim under the relevant FSA CASS rules, then he is regarded as a "creditor" for these purposes, with a claim against the unsecured estate. Accordingly, you may have claims against the Company as both a creditor or a client. If this is the case and you wish to vote at the meeting, you must fill in both forms. We will be completing a verification process as and when claims forms are received in order to ensure that clients have completed the correct form(s).

The initial meeting of creditors and clients was held on 9 January 2012. At the meeting the joint Special Administrators presented their proposals to creditors and clients. A copy of the presentation slides can be found here:
 

•  MF Global UK Limited (in Special Administration) meeting presentation slides (PDF 284 KB)

The resolution to approve the Special Administrators’ proposals was passed by both creditors and clients. The final vote percentages were:

	Client	Creditor
For	89.74%	88.81%
Against	8.51%	10.17%
Abstain	1.75%	1.02%

Creditors and clients elected a creditors’ committee comprising three clients and two creditors. Those elected to the committee are as follows:

Creditor-elected member	Votes received £m	Client-elected member	Votes received £m
BB Energy (Gulf) DMCC	52.78	MF Global Inc	572.37
Unipec Singapore Pte. Limited	31.78	Peabody Coal Trade International Limited	116.08
		KIT Finance Europe AS	44.52

The creditor candidate receiving the third highest vote received £20m of votes and the client candidate receiving the fourth highest vote received £16m votes. 

The special administrators will shortly be in contact with the successful candidates to complete the formalities of establishing the committee and then calling the first meeting.  The committee will only be formed when the special administrators issue a certificate of due constitution.  Details of how to contact the representatives of the members of the creditors committee will then be published.

The Chairman's report on the Initial Meeting can be found here:

•  MF Global UK Initial Meeting Chairman's report (PDF 34 KB)

If, for the purpose of the Initial Meeting, your claim was admitted for voting purposes, but for a different 'class' than you had expected, please note that the reclassification does not prejudice or confirm your final classification for claims agreement or distribution purposes.

Due to the high volume of claims received between 15 December 2011 (being the date when notice of the Initial Meeting was given and the claim forms were uploaded to the website) and 6 January 2012 (being the last date for submission of those claim forms for voting purposes) the Special Administrators and their team were unable to undertake a detailed review of each claimants claim. As a basis for establishing an individual's vote value and classification for voting purposes at the Initial Meeting, the Special Administrators relied on the Company's systems records.

The Special Administrators and their team are now progressing a detailed reconciliation exercise of each claimant's claim for distribution purposes. In order to assist the Special Administrators and their team in this exercise, you are requested (if you have not done so already) to submit any supporting evidence to substantiate why you think your claim should be classified as you assert. Supporting evidence could include, for example, your account opening documentation and communication you had with the Company (contracts, emails, etc.) in respect of the type of client you are or any communication which indicates how your account(s) were being held (for example, on a segregated or a non-segregated basis).

The Special Administration team are continuing to review all claims received and Company information in order to finalise each parties’ classification and will confirm this with you at a later date. In the event that it is not possible to do so before any interim distribution is made, please be advised that your claim will not be prejudiced. The Special Administrators will have calculated sufficient reserves so ensure that you will be able to take part in any interim distribution once the status of your claim has been confirmed.